L8 Notes_Part_5 - are sometimes left out. 2. Flowchart a....

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Documenting an Understanding of Internal Control 1. Narrative description or memoranda origin, disposition, processing; control procedures (e.g., S of D) a. complete - cradle to grave; and clear - tailor made requires detailed analysis which forces the auditor to obtain a deeper understanding of the process and structure. b. disadvantage - lengthy and complex; sometimes difficult to describe lots of words and little content, difficult to structure and parts of IC
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Unformatted text preview: are sometimes left out. 2. Flowchart a. advantage: concise overview which is easy to read and update b. disadvantage: not a complete description 3. Internal control questionnaire a. advantage: quick means of obtaining broad coverage usually a negative response indicates a control weakness b. disadvantage: yes-no answers do not provide a rich perspective May hide relevant info, interviewee tends to answer quickly, glibbly...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L8 Notes_Part_5 - are sometimes left out. 2. Flowchart a....

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